This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Missouri Promissory Note Without Interest Tax Implications
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How to fill out Missouri Unsecured Installment Payment Promissory Note For Fixed Rate?
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A simple promissory note will state the full amount is due on the stated date; you won't need a payment schedule. You can decide whether to charge interest on the loan amount and include the interest in the document if needed.
Nothing in the tax law prevents you from making loans to family members (or unrelated people for that matter). However, unless you charge what the IRS considers an adequate interest rate, the so-called below-market loan rules come into play.
Generally, any income you generate from a promissory note is taxable income and must be reported. The income generated is simply the interest you earned on the note for the tax year in question. If you lent the money personally rather than through your business, report the income on your personal income tax return.
If you are receiving the promissory interest, enter it as if you received form 1099-INT. In the Received from box, you may enter Promissory Note Interest Income and the name and any tax ID, if you have it. Only the amount is required however.
If you are paying the promissory interest and this is a personal loan, you can't deduct the interest. According to the IRS, only a few categories of interest payments are tax-deductible: Interest on home loans (including mortgages and home equity loans) Interest on outstanding student loans.